Simple and Compound Interest 8th Grade Quiz

Simple and Compound Interest

Assessment

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Drake PryorNewman

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Mathematics

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8th Grade

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361 plays

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Hard

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20 questions

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1.

Multiple Choice

5 mins

1 pt

Your 3 year investment of $20,000 received 5.2% interest compounded annually. What is your total return?

$23,285.05

$3,285.05

$2,385

$32,285

2.

Multiple Choice

15 mins

1 pt

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?

$827.52

$831.10

$839.45

$846.80

3.

Multiple Choice

5 mins

1 pt

Find the compound interest:
Principal: $1735
Interest Rate: 0.8%
Time: 1 year

$1,388

$138.80

$13.88

None of the answers are correct.

4.

Multiple Choice

30 sec

1 pt

What is the formula for simple interest?

A=P(1+r)^t

I=Prt

I=P(1+r)t

A=Prt

5.

Math Response

30 sec

1 pt

Garrison deposited $500 in an account that earns 5% annual interest compounded annually. If he makes no withdrawals or deposits, how much interest will the account earn after 4 years?